The new Sh6.95billion worth Finacle system that the Co-operative Bank of Kenya Limited migrated its services to early this month has been touted as faster and more efficient.
The system, dubbed Finacle, has been in the works for the past four years and will allow Co-op to improve its banking system, enhance customer experience, cut downtime incidents and enhance transaction security.
Co-op Bank users who spoke to The Informer Media Group, especially MCo-op Cash customers touted the new system as remarkable and “without delays.” Gilbert Nyawinda said.
The bank migrated its services to the revolutionary system between June 9 and June 12 this year promising enhanced safety and higher transaction speeds.
“The new system is quite fast and efficient. There are no delays while making transactions. I process salary transactions for my employees using the MCo-op Cash.” Nyawinda added.
Core banking system is a back-end software that lenders use to manage their most critical processes such as connecting multiple branches to deliver operations such as loan management, withdrawals, deposits and payments real-time.
The new system was built by Infosys Limited—an Indian multinational IT company.
Co-op Bank notified its customers that the migration that will take place between Friday, June 9 from 6:00pm and Monday, June 12 at 8.30am.
“We are pleased to announce that we are now ready to transition to our new and improved banking system, which will allow us to provide even better customer service.” The notice read in part.